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Prepare all journal entries associated with this equipment

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Question - Rock Company purchased a depreciable asset for $600,000 on April 1, 2018. The estimated salvage value is $60,000, and the estimated total useful life is 5 years. The company is using double declining balance method. At the end of 2019, the asset was modified for 150,000 dollars. This modification added 5 more years to the useful life. The asset was sold on May 1, 2021 for 300,000 dollars. Prepare all the journal entries associated with this equipment.

Reference no: EM133122908

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